Another LNP scare campaign

Three weeks from today I will hand down the second Budget of the Palaszczuk Government.

At last year's state election, Queenslanders made their voice heard loud and clear. 

They elected this Government because we said we would deliver job-creating infrastructure without selling assets. 

This is what we intend to do in the Budget on June 14.   

We will adhere to our Fiscal Principle of targeting full funding of long-term liabilities in accordance with actuarial advice. 

This time each year the Opposition would usually be asking me to rule in or out various actions in the Budget. 

And normally I’d refrain from commenting on Budget speculation. 

But today I can confirm that the Government is considering a range of options including repatriating a portion of the large surplus in the QSuper Defined Benefit Scheme, in accordance with advice from the State Actuary. 

Our strategy, including our Debt Action Plan, is aimed at reducing general government sector debt while also allowing us to invest in the infrastructure our growing State needs. 

This is a continuation of the Budget strategy we made clear to Queenslanders last year. 

It is a continuation of our whole-of-government balance-sheet management. 

Most importantly we are doing that without asset sales. 

Last year we saw a scare campaign from the LNP. I can confirm that the Government remains absolutely committed to the fiscal principle of targeting full funding of long-term liabilities in accordance actuarial advice. 

I can confirm that the Government remains committed to the legislative guarantee that ensures the security of entitlements under the defined benefit fund. 

I can confirm that all defined benefit member entitlements will continue to be paid in full as they fall due. 

And contrary to the scare mongering from the LNP, I can confirm that the defined benefit scheme will continue until the retirement of the last current members of the scheme. 

As I stated at Estimates last year — if all of the 49,000 members of the defined benefit scheme decided at 9am tomorrow to leave the government and cash in – the scheme would still be in surplus after every single entitlement was paid. 

The defined benefit scheme has been closed to new members for several years. 

I can confirm that no changes will be made to Accumulation superannuation that the majority of public servants use. 

The State Actuary confirmed last year that the defined benefit scheme is in a very strong financial position. 

As I said at Estimates, the State Actuary advised that defined benefit scheme assets exceeded accrued liabilities by more than $10 Billion on a funding basis at 30 June 2015. 

The surplus is now sufficiently large to consider the option of repatriation of a portion of the over-funded contribution. 

Queensland is the only Australian jurisdiction to fully fund its defined benefit superannuation liabilities. 

While Queensland’s defined benefit scheme is in a significant surplus: 

• New South Wales has an un-funded liability of $52 Billion 
• Victoria’s un-funded liability is $26 Billion
• South Australia has nearly $13 Billion in unfunded liabilities 
• Western Australia’s unfunded liabilities total nearly $8 Billion. 

We intend to manage the Queensland scheme in a manner which minimises overfunding of the scheme, while maintaining we can meet all liabilities as they occur. 

Queensland will remain the only State to retain a more than 100% fully funded Scheme. 

This will continue to be the case under a Palaszczuk Government.                                                                                                   

The purpose of this Government is single minded.

 More Jobs for Queenslanders.

 This is what the Premier and I and all of the ministers of this Government have on our agenda every single day.

 We are working to strengthen the Queensland economy to provide the jobs Queenslanders need, and we will have a focus on regional Queensland.

 We will achieve economic growth and a strong budget position, without selling assets.

There can be no clearer contrast.

 The LNP continues to tell the media all they need to get asset sales up in the future is a more “succinct and clearer campaign”

 We know the Leader of the Opposition wants to sell 49% of Powerlink, he has been backgrounding journalists on it.

 It’s time for the leader of the Opposition to come clean and tell Queenslanders his plans to sell their Assets.